Crude oil prices, which plunged in the fourth quarter of 2018, have rebounded significantly in 2019. In the first quarter of 2019, oil prices recorded the best quarterly gain since 2009 and best first-quarter gain since 2002. Moreover, on Apr 8, crude oil prices reached the highest level in five months. The U.S. benchmark West Texas Intermediate (WTI) crude gained $1.32 or 2.1% to close at $64.40 a barrel, its highest since Nov 1, 2018. The global benchmark Brent crude rose 76 cents or 1.1% to $71.10 a barrel, its highest since Nov 7, 2018. Year to date, prices of WTI crude and Brent crude are up 41.8% and 40.6%, respectively. Supply Shortages Boost Oil Prices OPEC and Russia-led oil exporters decided to cut crude oil supplies by 1.2 million barrels per day (bpd) in 2019. On Mar 11, per a Reuters report, Saudi Arabia’s energy […]